Jump to content
ATX Community

All Activity

This stream auto-updates     

  1. Today
  2. jklcpa

    NT - mom

    I'm so very sorry to hear of your mom's passing, Darlene. I hope that, in time, your lifetime of memories will outweigh the grief you are now feeling. Please know that we are here for you any time you need to talk.
  3. WITAXLADY

    NT - mom

    Thank you all.. She seemed to recover last Fri and Sat and then Sun got a call - well it was from a nurse having a really, really bad day and I was on the end of it!! and she went to Palliative care and was to die within hours - Well from sun to Fri - many amazing things happened!!! Her funeral is Fri, my brothers are verrry hard to work with or lack of work on their part especially the one ordering from out of state and I am not the executor!! Praying for the repose of her soul, for us! for unity, for peace and no Covid - having a service - North central WI - our county has 11 cases.. but the priest has sort of gone scared now.. I do not go anywhere - so if I am doing this carefully - he can! Most people and clients have been wonderful - will not be contacting a few for next year! Just finishing up a few 2016's of new clients that came in and slipped thru our system.. -picked up 4 new clients in last 10 days.. Should have franchised in last 6 years!!! Sort of old now and sort of old to keep doing this ... Any way!! Thank you all and yes - we all go through this so peace to all, Blessings!!
  4. Some scholarships say they can be used for tuition only. Some do not. Some say they can be used for tuition &/or room & board. Some colleges disburse the excess over college costs to the students. Some return the excess to the organization that issued the scholarships, based on the requirements of the scholarships. One local HS gives out scholarships to a few graduating seniors each year that are supposed to be used for books. Yes, you have to ask your clients questions.
  5. The best way to ask a question is to form an example. Addressing the example will tell me all I need to know. A trust receives $12,000 in cash, $5,000 of which is LTCG. The trust distributes $8000 to the beneficiaries, leaving $4000 in the trust. Which of the following would be correct (if any)? Trust reports $5,000 as LTCG income, and $8000 as a pass through deduction to the beneficiaries. The K-1s show $5000 in LTCG for the beneficiares. Trust reports $5,000 as LTCG income but only 2/3 of the proceeds were distributed. $3667 is reported as a beneficiary deduction, but the beneficiaries have only $3667 on their K-1s as LTCG (some 2/3 of the gain). The remaining $1333 is taxable to the trust as current LTCG income. Trust reports $5,000 as LTCG income and $1000 is reported as a beneficiary deduction. The trust kept $4000 of the money, so the K-1s for the beneficiaries report only $1000 LTCG and the trust is taxed on $4000 as current LTCG income. The entirety of this line of questioning depends on the ordering of beneficiary income - FIFO, LIFO, or (moving) average... Thanks in advance for your consideration and comments.
  6. Client and spouse are medical providers through an s-corp (the only 2 members). They are part of a collective, and about 1/2 of their patient fees come through the collective (a partnership) as guaranteed payments. Former preparer (this is my first year with this client) took QBI on the entire S Corp distribution amount, but I think I have to take only a proportional QBI deduction based on non-guaranteed payment income/total income. Am I correct? Also, for those of you better at tax history and philosophy than me, why is it okay to run GP through an S-corp and 'lose' the self-employment tax? Thanks so much.
  7. I'd first explore the premise that he remained a MI resident, that his stay in NJ was temporary and non-residential despite going over 183 days. In no other way does he seem to have taken up residence outside of MI; but you'll have to research MI 'adhesiveness.' New York State & City wouldn't give up on your guy had he started out here, for example; those jurisdictions (and at least several others) look hard at both a taxpayer's comings & goings in more ways than one. Also, practically speaking, how could NJ enforce any claim to residency?
  8. This is a tricky area. From Pub 970: "The scholarship or fellowship grant must be one that may qualify as a tax-free scholarship under the rules dis-cussed in chapter 1. Also, the scholarship or fellowship grant must be one that may (by its terms) be used for non-qualified expenses. Finally, the amount of the scholarship or fellowship grant that is applied to nonqualified expen-ses can't exceed the amount of the student's actual non-qualified expenses that are paid in the tax year." I have never been able to find the terms of a particular scholarship that might show it can be used for nontuition purposes. (I've actually looked on college websites.) I suspect most can't be. So you can't just say ok, the student got a scholarship but I'll make it taxable so the parents get a bigger credit. The scholarship must meet the conditions above.
  9. Yesterday
  10. Yes, the two are totally separate transactions. She bought a car. The fact that it is the same car she was leasing is irrelevant.
  11. My client has taken actual expenses for a car she leased the last 5 years. No depreciation, just lease payments and other actual expenses. In 2019, she bought the car. Am I allowed to take mileage now that she owns the car? She is a sole proprietor. I have looked online but can't find an article on changing ownership.
  12. Last week
  13. ILLMAS

    ATX slow today

    I did a couple of times and even shut down my computer completely and two restarts. The slowness was more obvious when I rolled over 43 returns from the prior year, took about 7-10 mins for the process.
  14. I don't know how you do the data entry in ATX, but it IS an option. You use $4,000 as "wages" with a literal that prints "SCH" or something similar. The student pays at his lower tax rate. Then the parents can take the AOC or whichever benefit is best. If you're not seeing a diagnostic suggesting it, run the numbers to see which way is most beneficial for the family as a whole.
  15. It was an e-newsletter I receive via email from time to time; it was sent 7 July. The header, which was a separate box and wouldn't copy, had the logo with Wolters Kluwer CCH Software News. I use ProSystem fx, so maybe I get more communication... They encourage subscriptions: "If this email was forwarded to you, and you would like to subscribe to CCH Software News announcements, subscribe here." But I can't seem to copy the link under "here" without signing in. I guess I DO get more communication... I'll try to remember to share here when I get these e-newsletters.
  16. I haven't noticed any slowness. Have you closed it recently?
  17. Not as slow as I thought it might be given the last minute rush. I can't believe how many of my clients, given 3 extra months, still have had trouble getting their act together. It's truly annoying, I have to say.
  18. Throw some candy out the door, bake a turkey, wrap a gift and be done. Hallelujah. done.
  19. Anyone else experiencing ATX 2019 with being slow?
  20. My newsfeed is just a copy from IRS about the deadline and extension info. Nothing as detailed as the above and not personalized from CCH or WK. At least Lion graciously shared.
  21. I have a student whose parents will benefit if they make $4K of his scholarship taxable. Is that still an option? I used to see a line that read that it would be more beneficial if a scholarship became taxable when I created efiles but now I don't see the line, neither do I see where I can make it taxable.
  22. I think I saw this in my newsfeed today on the ATX tax program
  23. Thanks and wondering why I didn't get this message. It may be addressed to CCH clients but it is from WK Tax software of which ATX is one. I do still have 3 really last minute folks so maybe can 'encourage' them to get with the program NOW!
  24. Thank you so much for this information!
  25. CCH Software News - Individual, Partnership, Corporation, S Corporation, Fiduciary, Exempt Organizations (1040/1065/1120/1120S/1041/990) Deadline Information Dear CCH Customer: Please read the following carefully as it contains helpful information regarding the upcoming filing deadline. Customers who plan to submit returns or extensions for electronic filing should be aware of the deadlines below to ensure timely filing. CCH must process your returns or extensions before midnight (CDT) on Wednesday, July 15, 2020. However, due to the time involved in transmitting to the IRS during times of higher volume, we recommend that you release your returns for transmission no later than 9:00 PM CDT on Wednesday, July 15, 2020. Important: Linked state returns are not transmitted until the IRS acknowledgement is returned for the federal return. Because certain states no longer honor the vendor timestamp as the state transmission time, we further recommend that you release your state returns for transmission separately from the federal return, particularly if you are not going to be able to get the full return filed by 9:00 PM CDT. This allows the state return to transmit without the return of the federal acknowledgement. The easiest way to submit the state return separately from the federal return is to uncheck the federal return on the export window. Rejected Returns/Extensions If the IRS rejects any of your returns or extensions, you are given an additional amount of time to correct and resubmit as follows: Individual - A corrected return or extension must be resubmitted no later than midnight (CDT) on Monday, July 20, 2020, to be considered timely filed. Fiduciary, Corporation, and Exempt Organizations - A corrected extension must be submitted no later than midnight (CDT), five calendar days from the date of the original rejection. A corrected return must be retransmitted no later than midnight (CDT), 10 calendar days from the date of the original rejection to be considered timely filed. For Partnership returns, the following states do not conform to the IRS 10-day perfection period based on information received: Connecticut and Massachusetts rejected returns and extensions - These states allow five business days to resubmit rejected returns and extensions and obtain approval. Maryland and North Carolina rejected returns - These states allow five calendar days to resubmit rejected returns and obtain approval. New York rejected returns and extensions - New York allows seven calendar days to resubmit rejected returns and extensions and obtain approval. Pennsylvania Form PA-20S/65 and Virginia rejected returns - These states have no defined perfection period. They must be filed and approved by the due date to be considered timely. Tennessee rejected returns and extensions - Tennessee does not have a defined perfection period. They must be filed and approved by the due date to be considered timely. For Corporation and S Corporation returns, the following states do not conform to the IRS 10-day perfection period based on information received: Alaska and Alaska Consolidated rejected returns - Alaska does not have a defined perfection period for rejected returns. They must be filed and approved by the due date to be considered timely. Connecticut and Massachusetts Composite rejected returns and extensions - These states allow five business days to resubmit rejected returns and extensions and obtain approval. Virginia and West Virginia rejected returns - These states do not have a defined perfection period for rejected returns. They must be filed and approved by the due date to be considered timely. Maryland, North Carolina, and Vermont rejected returns - These states allow five calendar days to resubmit rejected returns and obtain approval. New York rejected returns and extensions - New York allows seven calendar days to resubmit rejected returns and extensions and obtain approval. Pennsylvania rejected returns - Pennsylvania Corporation Form RCT-101 and S Corporation Form PA-20S/65 have no perfection period for rejected returns. Returns must be filed and approved by the due date to be considered timely filed. Tennessee rejected returns and extensions - Tennessee does not have a defined perfection period. Returns must be filed and approved by the due date to be considered timely. For Exempt Organization returns, the following states do not conform to the IRS 10-day perfection period based on information received: New York rejected returns and extensions - New York allows seven calendar days to resubmit rejected returns and extensions and obtain approval. Virginia rejected returns - Virginia does not have a defined perfection period for rejected returns. They must be filed and approved by the due date to be considered timely. Paper Returns If the IRS rejects any of your returns or extensions, the return does not fall into an e-file mandate, and you choose to file a paper return or extension, then the deadlines are as follows: Individual and Fiduciary - A paper return or extension must be filed by the latter of the following: the due date of the return or 10 calendar days after the date the electronic portion was rejected. For example, a return rejected on Wednesday, July 15, 2020, would be due Saturday, July 25, 2020, if filing by paper. Corporation - The paper return must be postmarked by the latter of the following: the due date of the return (including extensions) or 10 calendar days after the date the IRS last gave notification that the return was rejected. Sincerely, Wolters Kluwer Tax & Accounting, North America Did you know that you can view and pay your invoices and statements online? We’ve made it easier to view and pay your invoices and statements online. Learn more about My Account, ACH and EasyPay. Find answers in our Knowledge Base, or visit the Wolters Kluwer Tax & Accounting Community forums to connect with professionals like you. You can also Contact Us online.
  26. Thank you for all your responses! very helpful! If a return is efiled before due date but accepted after due date, will it consider a late filing? Also, if the efile is initiated before due date but ends up being rejected after due date, is there any remedy to avoid being considered late? Thank you!
  1. Load more activity
×
×
  • Create New...